ZENYATTA ANNOUNCES A NON-BROKERED PRIVATE PLACEMENT
Zenyatta Ventures Ltd. has arranged a non-brokered private placement financing to raise a minimum of $1-million, subject to regulatory approval. The offering will consist of the sale of units priced at 45 cents per unit. Each unit comprises one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at a price of 60 cents for a period of 24 months from the date of issuance.
All warrants issued in connection with the offering will be subject to an acceleration clause. If the company's share price trades at or above $1 per share for a period of 10 consecutive trading days during the exercise period, the company may accelerate the expiry date of the warrants to 30 calendar days from the date on which express written notice is given by the company to the warrantholders.
The proceeds of the offering will be used to finance continuing work on the Albany graphite project, including environmental studies and metallurgical process development to collect data for an updated preliminary economic assessment, as well as for general corporate purposes.
About Zenyatta Ventures Ltd.
Zenyatta Ventures' Albany graphite project hosts a large and unique quality deposit of highly crystalline graphite. Independent labs in Japan, the United Kingdom, Israel, the United States and Canada have demonstrated that Zenyatta Ventures' Albany graphite easily converts (exfoliates) to graphene using a variety of simple mechanical and chemical methods. The deposit is located in Northern Ontario, just 30 kilometres north of the Trans-Canada Highway, near the communities of Constance Lake First Nation and Hearst. Important nearby infrastructure includes hydro power, natural gas pipeline, a rail line 50 kilometres away and an all-weather road just 10 kilometres from the deposit.